Hyderabad: Nightingales Home Health Services, part of Medwell Ventures Pvt. Ltd, on Tuesday said it plans to raise around $20 million to fund expansion by the end of this year.

Medwell Ventures acquired Benguluru-based Nightingales in April 2014, for undisclosed amount.

Medwell Ventures, founded in April by investors Vishal Bali, a former group chief executive officer of Fortis Healthcare Ltd; Ferzaan Engineer, former CEO of Quintiles India; Lalit Pai and Himanshu Shah raised $10 million from Fidelity Growth Partners India (FGPI) and Fidelity Biosciences, Boston, by diluting a significant minority stake in June.

The promoters of Medwell Ventures have invested around $3.5 million in Nightingales.

“The way that we are growing, we are looking to raise another round of funding towards the end of the year,” said Vishal Bali, co-founder and chairman of Medwell Ventures.

Medwell Ventures plans to invest around $30-35 million in Nightingales, which aims to spread its presence to 10 cities across the country, reaching 500,000 patients in the next two-three years.

The company has reached 12,000 patients so far, said Lalit Pai, chief executive officer of Nightingales.

[“source-Livemint”]